How to Ride the Credit Crunch Storm ; so You Thought the Financial Squeeze Was the Banks' Problem? Well, Now It's Personal
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Summary
WE'VE been hearing about the credit crunch since last summer. But now it has hit all of us through our pockets and there could be worse to come. TONY HAZELL and JAMES CONEY explain how to save your family from financial meltdown.
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Extract
How to Ride the Credit Crunch Storm ; so You Thought the Financial Squeeze Was the Banks' Problem? Well, Now It's Personal
BANK of England base rate, at 5.25 pc, is precisely where it was last March, yet the cost of mortgages has spiralled upwards.
Banks are nervous so are generally lending less and charging more for it.Bank of England figures show that since last March, the average cost of a two-year fixed rate has risen by Pounds 244 a year for a 25-year, Pounds 130,000 repayment mortgage.Trackers are up by Pounds 199 and the standard variable rate by a whopping Pounds 323.Anyone c...See the full content of this document
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